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Marvin,EA, Enrolled Agent

Category: Tax

Satisfied Customers: 1671

Experience: Enrolled to Represent Taxpayers Before The IRS

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We have gotten 3-4 thousand dollars back for the last 5 years.

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We have gotten 3-4 thousand dollars back for the last 5 years. This year we received a bonus check for natural gas lease of 6 thousand dollars. Nothing else on our return will change income wise. Should we expect to pay in this year or just see a decrease in our return?

Hello and thank you for using Just Answer. Royalties income from natural gas lease will be reported as ordinary income on your federal income tax return. The $6,000 will be tax at your ordinary tax rate. If your federal tax rate is 25% you would have to pay $1,500 tax on the $6,000 received. You should expect a decrease in your refund for 2008.

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. OrvilleHesperia, California

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